THE MONEY: Major shareholder in Carvana Co. (NYSE: CVNA), an online site for selling used cars and arranging car loans. Shares have soared from below $6 each in 2023 to $334 and a $39B market cap this month. Also owns majority of Tempe, Arizona-based DriveTime Automotive Group, reported to be among the largest used car retailers in the country, with nearly 150 locations. Reportedly the richest person in Arizona.
SELL, SELL, SELL: His son, Ernest Garcia III, spun off Carvana in 2017 from privately held DriveTime. Ernest Garcia II, Carvana’s largest private shareholder, unloaded almost 10M shares throughout 2024, cashing in $1.4B of the company’s stock, Bloomberg reported in November. In 2025, Garcia II continued to shed stock in multiple, planned transactions and filed to sell over $500M worth of shares as of July, according to data from Bloomberg. Regulatory filings show the eldest Garcia has been selling Class A stock and also converting then liquidating some Class B voting shares, where he holds 57%. The proxy said Garcia’s Class B shares are equivalent to 21% of Carvana’s Class A shares, indicating an $8.4B value. Bloomberg and Forbes say he’s worth $23B. Alongside Carvana’s value, the Business Journal’s estimate factors in DriveTime and other assets, to peg Garcia II’s wealth as having risen an estimated 80% in the past year.
IN THE NEWS: In March, Garcia II’s real estate firm Verde Investments completed the acquisition of 80-acre former mall site in Mesa, Arizona, with plans to develop with the city a mixed-use site with residential and commercial spaces dubbed Fiesta Redefined, reported by Phoenix Business Journal.
THE HOME: Has owned several homes in the area over the years; housing blogs indicate Garcia II was the seller of one pricey home in Laguna Beach to fellow wealthy lister Patrick Soon-Shiong (see entry, page 38) over a decade ago. Informed sources previously told the Business Journal that Garcia owns a home in Crystal Cove, though it is not his main residence.
THE FAMILY: The younger Garcia wasn’t known to have any ties to the area, but that appears to have changed. An LLC tied to a Tempe-based family trust overseen by the younger Garcia last summer closed on the purchase of the Racquet Club of Irvine, paying the property’s long-time owners, the Spearman family, nearly $6.3M for the site just off Culver Avenue, which counts a collection of tennis and pickleball courts, among other amenities. The site’s been eyed by developers for residential construction over the years, though locals to date have been successful staving off the closure of the club for other uses. There’s been no public announcements yet about the new owner’s plans for the site. Both Garcias in 2022 bought large amounts of Carvana stock at a deflated price, reports indicate. Garcia II is the son of a former mayor of Gallop, New Mexico, and a liquor store owner.
PHILANTHROPY: Phoenix-based Garcia Family Foundation gives to a variety of educational and other nonprofit groups with a focus on Arizona.
